February 8, 2018

NFL locker room chat goes from talking plays to Bitcoin

Business

February 8, 2018

Cryptocurrency, particularly SegWit1x (BTC), had a great run last year, and the meteoric rise made people stand up and take notice, with those in the cheap seats craning their necks to see what all the fuss was about. Even Jamie Foxx and Warren Buffett were regularly heard discussing the future of cryptocurrencies.

It shouldn’t come as a surprise then, that cryptocurrency also became a hot topic in sports locker rooms. In a recent interview with CNBC Make It, Seattle Seahawks Cornerback Richard Sherman confessed that players across the nation were regularly discussing the digital currency in the locker rooms before and after the game, as well as at halftime.

Sherman is certainly no stranger to cryptocurrencies. The four-time Pro Bowl player has been accepting BTC to pay for merchandise on his website since 2014. He’s a spokesperson for Cobinhood, a crypto exchange platform, and an investor in Cobinhood’s own token, COB. In addition to BTC, he has also purchased Litecoin and Ethereum.

The locker room talk usually centers around how the market is performing and which coins the players think should be purchased. Players who are playing cryptocurrency catch-up will also try and figure out exactly how the coins work with prodding questions such as if the coins are physical coins or if the investments work the same as traditional stocks and bonds. Sherman, however, tends to stay away from trying to give advice to his teammates and only points them in the direction of where to find more information.

The average salary in the NFL is just under $2 million a year. Some players can make up to $20 – $25 million per year. Despite the ultra-high salaries, a recent study of the National Bureau of Economic Research uncovered that one in six NFL players files for bankruptcy no more than 12 years subsequent to hanging up the cleats.

The NFL is working to help protect its players by bringing in financial experts to work alongside them. The league is also creating partnerships with business schools to provide money management courses to the players and anyone involved with a team. These initiatives are becoming the main source of information for players wanting to get on board the cryptocurrency train.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper. Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.